GUIDO VANHERPE: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
GUIDO VANHERPE
Largest movements
- Current investments +€1.1m
up €1.1m (+55.0%), from €2.0m to €3.0m
- Cash -€267,871
down €267,871 (-64.4%), from €415,926 to €148,055
mainly Contributions, distributions and other (-€1.5m) and Current investments (-€1.1m)
- Tangible fixed assets -€225,542
down €225,542 (-4.6%), from €4.9m to €4.6m
of which Land and buildings: -€178,304
- Short-term financial debts +€1.3m
up €1.3m, from €0 to €1.3m
- Reserves -€643,544
down €643,544 (-12.5%), from €5.2m to €4.5m
of which Distributable reserves: -€635,381
- Other debts -€187,787
down €187,787 (-9.6%), from €2.0m to €1.8m
- Gross operating margin -€139,370
down €139,370 (-7.3%), from €1.9m to €1.8m
- Taxes -€48,609
down €48,609 (-9.8%), from €494,307 to €445,698
- Financial income -€35,893
down €35,893 (-80.8%), from €44,411 to €8,517
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,967,163 | €8,512,682 | +€545,519 | +6.8% |
| Fixed assets | 21/28 | €4,871,573 | €4,646,030 | -€225,542 | -4.6% |
| Tangible fixed assets | 22/27 | €4,871,083 | €4,645,540 | -€225,542 | -4.6% |
| Land and buildings | 22 | €4,362,886 | €4,184,582 | -€178,304 | -4.1% |
| Furniture and vehicles | 24 | €508,197 | €460,959 | -€47,239 | -9.3% |
| Financial fixed assets | 28 | €490 | €490 | = | 0.0% |
| Current assets | 29/58 | €3,095,590 | €3,866,652 | +€771,062 | +24.9% |
| Amounts receivable within one year | 40/41 | €711,712 | €677,254 | -€34,458 | -4.8% |
| Trade receivables | 40 | €711,712 | €677,254 | -€34,458 | -4.8% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €1,955,750 | €3,032,109 | +€1.1m | +55.0% |
| Cash at bank and in hand | 54/58 | €415,926 | €148,055 | -€267,871 | -64.4% |
| Deferred charges and accrued income | 490/1 | €12,203 | €9,235 | -€2,968 | -24.3% |
| Total equity and liabilities | 10/49 | €7,967,163 | €8,512,682 | +€545,519 | +6.8% |
| Equity | 10/15 | €5,686,026 | €5,042,482 | -€643,544 | -11.3% |
| Contributions | 10/11 | €517,000 | €517,000 | = | 0.0% |
| Reserves | 13 | €5,169,026 | €4,525,482 | -€643,544 | -12.5% |
| Tax-exempt reserves | 132 | €90,180 | €82,017 | -€8,163 | -9.1% |
| Distributable reserves | 133 | €5,078,846 | €4,443,465 | -€635,381 | -12.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €30,060 | €27,339 | -€2,721 | -9.1% |
| Deferred taxes | 168 | €30,060 | €27,339 | -€2,721 | -9.1% |
| Amounts payable | 17/49 | €2,251,076 | €3,442,861 | +€1.2m | +52.9% |
| Amounts payable within one year | 42/48 | €2,098,164 | €3,305,811 | +€1.2m | +57.6% |
| Financial debts | 43 | €0 | €1,300,000 | +€1.3m | |
| Credit institutions | 430/8 | €0 | €1,300,000 | +€1.3m | |
| Trade debts | 44 | €1,499 | €30,407 | +€28,909 | +1,929% |
| Suppliers | 440/4 | €1,499 | €30,407 | +€28,909 | +1,929% |
| Taxes, remuneration and social security | 45 | €140,011 | €206,537 | +€66,526 | +47.5% |
| Taxes | 450/3 | €140,011 | €206,537 | +€66,526 | +47.5% |
| Other amounts payable | 47/48 | €1,956,654 | €1,768,867 | -€187,787 | -9.6% |
| Accrued charges and deferred income | 492/3 | €152,913 | €137,050 | -€15,862 | -10.4% |
| Non-recurring operating income | 76A | €13,140 | €0 | -€13,140 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €319,581 | €315,860 | -€3,720 | -1.2% |
| Other operating charges | 640/8 | €17,963 | €13,663 | -€4,299 | -23.9% |
| Gross operating margin | 9900 | €1,911,698 | €1,772,328 | -€139,370 | -7.3% |
| Operating profit (loss) | 9901 | €1,574,154 | €1,442,804 | -€131,350 | -8.3% |
| Financial income | 75/76B | €44,411 | €8,517 | -€35,893 | -80.8% |
| Recurring financial income | 75 | €44,411 | €8,517 | -€35,893 | -80.8% |
| Financial charges | 65/66B | €161,324 | €150,582 | -€10,742 | -6.7% |
| Recurring financial charges | 65 | €161,324 | €150,582 | -€10,742 | -6.7% |
| Profit (loss) for the period before taxes | 9903 | €1,457,241 | €1,300,740 | -€156,501 | -10.7% |
| Transfer from deferred taxes | 780 | €1,901 | €2,721 | +€820 | +43.2% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €494,307 | €445,698 | -€48,609 | -9.8% |
| Profit (loss) for the period | 9904 | €964,835 | €857,763 | -€107,072 | -11.1% |
| Transfer from tax-exempt reserves | 789 | €5,702 | €8,163 | +€2,461 | +43.2% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €970,537 | €865,926 | -€104,611 | -10.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.